Selling a company take a lot of time, effort and sometimes secrecy, making it a hugely stressful situation for those involved in the decision as well as the process overall. Selling a business or company takes not just time but can also take money as well in the case of hiring legal teams, experts and the like to oversee the process and to make sure everything is above board. But what are the steps in selling a business overall, and how can you make sure you’re prepared for the work that you’ll need to put in? Here are the steps to selling a business to help make the process as simple and straightforward for you as possible.
Research and Initial Steps
When you first make the decision to sell your business, you will need to consult with all members who control any aspect of the business or are shareholders/part owners. It’s entirely possible that not everyone will want to sell, and so negotiations between disagreeing parties will need to commence. Consider writing a list of pros and cons of selling and be entirely prepared that in the event that one partner or owner doesn’t want to sell, you may be bought out instead. Begin to research potential buyers so you can take the steps necessary to market your business to the people you want owning it in the future.
Organisation is a key step and part of selling a business. Getting all your paperwork in order, making sure there are no loose ends, any renovations have been completed and invoices paid are all key ideas to look into before actively looking to sell your business. While there will be other opportunities down the line to do this again, it’s a good idea to organise everything anyway so you know where you stand and if you may have anything coming up that you didn’t know about.
Hire Experienced Pros
Hiring a professional company to oversee the whole exchange is one of the best ideas you can do. A professional and experienced person such as those from BCMS.com to handle all of the legwork of selling the business. Ensuring the company is professional and knowledgeable is key to making the process run smoothly, not just for your side of things, but for the buyer as well. BCMS will provide assistance to you, the seller every step of the way and specialise in arranging the transfer of businesses in almost every sector.
Contact Potential Buyers
In the later stages, it’s time to contact potential buyers and to put the business out there to see who might be interested. This can be a bit of a difficult area with identifying the right buyers, but with the help and guidance of your professional brokerage company you can identify and navigate this portion of the sale. Finding the right buyer is important to help maintain the integrity and the reputation of your company. Following on from finding the perfect buyer, various legal work and due diligence will need to be performed by the buyer in order to make sure everything is suitable, and then the contracts will be exchanged.
So if you’re thinking about selling a company soon, #sellsavvy by following the tips above and securing yourself a company like BCMS to handle all the fine details and to guide you through the process. After all, your business is like your baby, so you should make sure to take care when passing it off. Good luck!